New York, Palm Beach were bright spots in trophy market slowdown

Sales over $10M hit a snag in the first quarter

Global Ultra-Luxury Residential Sales Down in Q1 2024

(Getty)

Kate Hinsche

Jun 5, 2024, 8:00 AM

Ultra-luxury residential deals across global markets cooled in the first quarter from their explosive pandemic-era levels.

Sales that closed at $10 million or more were down 12 percent, year-over-year, across the 11 markets tracked by Knight Frank’s Global Super-Prime Intelligence report. Those markets include New York, Palm Beach, Miami, Los Angeles, Orange County, London, Paris, Geneva, Dubai, Hong Kong and Singapore.

These markets saw a total of 426 sales at or above $10 million in the first three months of the year, with dollar volume reaching $8 billion — down from 482 deals and $8.8 billion in dollar volume in the first quarter of 2023.

Dubai, which has experienced a dramatic surge in its luxury residential market in recent years, led the markets with 105 sales and $1.7 billion in deals.

Ranking second and third were New York and Palm Beach, which had 56 and 47 ultra-luxury sales, respectively. While global ultra-luxury deals were down overall, New York and Palm Beach showed growth.

New York’s total number of deals ticked down from the 58 that closed in the first quarter of 2023, but came alongside a dollar volume surge from $942 million to $1.2 billion.

Both deal and dollar volume were up in Palm Beach, which had just 39 sales in the first quarter of 2023 and $617 million in volume. Dollar volume reached $1.1 million in the first three months of this year.

Elsewhere in the U.S., Los Angeles saw 37 ultra-luxury deals with $672 million in dollar volume; Miami had 32 deals with $496 million in dollar volume; and Orange County had 22 deals with $300 million in dollar volume.